Hibiscus Petroleum Berhad announced that on 21 September 2022, the Australian National Offshore Petroleum Titles Administrator (NOPTA) approved the “Approval of Transfer of a Petroleum Title” application made by its associate company, 3D Oil Limited (3D Oil) on 7 July 2022. This Approval of Transfer of a Petroleum Title relates to the transfer of the entire 50% interest held by Carnarvon Hibiscus Pty Ltd. (“CHPL”) in VIC/P74 to 3D Oil. CHPL, an indirect wholly-owned subsidiary of the Company, has agreed to the aforementioned transfer of interest to 3D Oil at no cost.

The decision of the Hibiscus Petroleum Group to exit VIC/P74 at the end of the Year 3 work programme is the result of the intention of Hibiscus Petroleum to focus its material investments in the exploration and production segment of its business in other geographies at this time. 3D Oil now holds 100% interest in VIC/P74.